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Senate Seeks Increased Funding for Trade, Investment Ministry

By Yemi Akinsuyi

NIGERIA, December 14, 2011 (This Day) - Chairman, Senate Committee on Investment, Senator Nenadi Usman, has called for increased funding for the Ministry of Trade and Investment to enable it deliver on its mandate of attracting Foreign Direct Investment, creating jobs and generating wealth for the country.

Usman made the call during an interactive meeting with the Minister of Trade and Investment, Mr. Olusegun Aganga, in Abuja, Thursday.

She said given the strategic importance of the ministry, especially in the area of Small and Medium Enterprises development, trade facilitation industrial development, there was a need for the ministry to be adequately funded to enable it play a key role in the implementation of the Transformation Agenda of the government.

She said: "The successful implementation of the Transformation Agenda of this administration rests on the Ministry of Trade and Investment. This is as a result of its expanded mandate of attracting Foreign Direct Investment, Small and Medium Enterprises development, local and international trade facilitation and fast-tracking industrial growth and development, among other things.

"So, there is the need for this key ministry to be adequately funded to enable it play its strategic role. Currently, there is an army of unemployed youths across the country. The ministry needs the necessary funding and support to provide the conducive environment that will attract local and Foreign Direct Investments that will create jobs and generate wealth for the country."

Speaking during the interactive meeting, the Minister of Trade and Investment, said the Ministry had already embarked on an investment climate reform programme as part of its renewed efforts to create a more investment-friendly environment to attract private capital for job creation, wealth generation and economic growth.

He said: "At the beginning of this administration, the Federal Ministry of Commerce and Industry was renamed the Federal Ministry of Trade and Investment, with an expanded mandate to drive efforts aimed at attracting investments into the country. In line with the expanded mandate, the ministry has started the process of creating jobs, generating wealth and enhancing economic growth.

"We have commenced a business and investment climate reform programme with support from the UK Department for International Development (DFID), World Bank and other international organizations to review relevant laws, policies, incentives, the use of free trade and economic zones, including areas identified by the World Economic Forum on Competitiveness, the World Bank and DFID in the survey on doing business in Nigeria."

Aganga also noted that the Ministry would partner international investors in the area of skills development for Small and Medium Scale Enterprises in order to create jobs across all sectors of the Nigerian economy.

He added, "We have held several investor meetings in Nigeria, the United Kingdom, China, Australia and other countries which have produced firm investment commitments in the health, manufacturing, agriculture, oil and gas and mining sectors, among others." (END)